Visa and Revolut have teamed up to provide instant card transfers for Revolut's business customers using the Visa Direct system, Pymnts reported. This partnership, announced today (Tuesday), aims to eliminate the delays and complexities associated with international payments.
Enhancing Cross-Border Payments
According to the two companies, the new agreement is an important step in business payments. By integrating Visa Direct into Revolut's business platform, companies can reportedly transfer funds to over 78 countries in less than 30 minutes. This offering supports more than 50 currencies, making it easier for businesses to operate on a global scale without the usual friction of international transfers.
Additionally, it simplifies the process, requiring only a card number to complete transactions. Whether a startup is paying for services or a travel firm compensates customers for delays, the new service promises faster payments to Revolut's business users.
Visa and Revolut are no strangers to collaboration. Their partnership in 2023 saw the introduction of Visa Direct-powered peer-to-peer payments in approximately 90 countries. They also launched a series of virtual cards tailored for the B2B travel sector earlier this year, further cementing their relationship in the financial technology space.
A few days ago, Revolut's Business Payment Gateway integrated BigCommerce to facilitate payments for online merchants. According to a report by Finance Magnates, this partnership aims to allow e-commerce companies to support various payment methods, manage transactions, and benefit from next-day settlements within their BigCommerce dashboard.
More Collaborations
The new agreement also enables merchants to offer their users a better checkout. Revolut's gateway allows BigCommerce merchants to accept more than 25 different currencies. The platform targets high payment success rates and low transaction fees. Additionally, it eliminates additional charges for refunds or fraud monitoring.
Elsewhere, the National Retail Federation objected to a legal settlement between Visa, Mastercard, and merchants. The federation mentioned that the settlement cannot address long-standing grievances.
According to a filing before US Chief District Judge Margo Brodie, concerns about the agreement's fairness and impact despite the potential benefits of reduced fees exist.
Meanwhile, Visa is broadening its partnership with Wirex for the adoption of Web 3 payments across the UK and the European Economic Area. By adding Visa cards and lowering payment challenges, this collaboration aims to offer better payment services through Visa's payment network.
